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id: 733, Created by Stan Vick, Scout
BProtocol Foundation "Bancor" (BNT) Unregistered Tokens Case
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ANY INVESTOR/USER who suffered losses from BProtocol Foundation "Bancor" (BNT) unregistered securities can JOIN CASE!
On June 12, 2017, Bancor completed its ICO, raising a record $153 million through offering and selling unregistered securities in violation of federal securities laws.
On June 19, 2022, a spike in withdrawals triggered significant payment obligations to LP Program investors.
- Instead of making those payments, they unilaterally purported to “suspend” impermanent loss protection, which meant that withdrawing LPs incurred the very losses that Bancor had promised to “100% protect” against.
- The program also imposed additional severe haircuts on withdrawing LPs, initially without disclosing them at all, but instead simply failing to pay withdrawing LPs amounts they were indisputably owed under the terms of their investment in the LP Program.
- Investors lost tens of millions of dollars as a result. In many instances, the loss was catastrophic for the individual investor.
As a result of the alleged adverse actions and omissions, BNT Investors were seriously damaged.
Breach of Fiduciary duty
Shock Event Date
11 May 2023
11 May 2023